Middle East ETF News Older than One Year
Gulf Warehousing rises, reaches out to Algeria
November 8, 2012-The Qatar Exchange Index closed even at 8,572.75 points.
Shares of Gulf Warehousing Co. advanced 0.73% to reach QR41.30. Earlier in the day, the logistics firm said it reached an agreement with the Algerian Agency for real estate brokers to establish a logistics village project in the North African country, which celebrates an economic comeback amid rising revenues from oil and gas exports. The total area of these sites almost 4.5 million square meters. Under the memorandum, Gulf Warehousing Company would own a 49% stake in the joint company's capital, which will be established after the signing of the final later, the firm said in a statement to the Qatari stock market.
Source: AME Info
Kuwait's telecom giant Zain gains on R&D announcement
November 8, 2012--The Kuwait Stock Exchange (KSE) Market Index advanced 0.80% to close at 5,772.17 points Thursday.
Gulf Bank of Kuwait jumped 3.80% to KD0.410. Earlier in the day, National Bank of Abu Dhabi's research said the Kuwait banking sector assets were $166.4bn (+8.9% year-on-year, +0.1% month-on-month) in September. Loans and advances were up by +0.5% month-on-month and up by +5.3% year-on-year to $97.8bn. Mobile Telecommunications, known as Zain Group, surged 2.70% to KD0.760. The National reported earlier in the day that Zain plans to invest $5.5bn in research and development over the next five years in order to develop mobile internet connections that run 10 times faster than current technologies, citing Hisham Akbar, the deputy chief executive and chief operating officer of Zain. Year-to-date, Zain has lost 12% of its valu
Source: AME Info
Etisalat saves Abu Dhabi bourse from plummeting
November 8, 2012--The ADX General Index declined 0.10% to 2,647.39 points Thursday.
While merger candidates Aldar Properties and Sorouh Real Estate by 2.27%, market bellwether Etisalat added slightly. Dana Gas, the most actively share by volume fell 2.33%. Some 83.8m shares were traded, valued at Dhs92m.
Source: AME Info
Tadawul bourse has 7,000 points in sight
November 7, 2012--Buying power remained solid in Riyadh Wednesday as the equity benchmark index Tasi rose the fifth day straight and closed 0.33% higher at 6,941.97 points.
Shares of Kingdom Holding Company, whose majority is owned by Saudi prince and global investor HRH Prince Al-Waleed Bin Talal Al Saud, gained the most, gaining 9.32% to reach SR17.00. Profit takings in the insurance segment prevented the Riyadh-based gauge to rise towards 7,000 points.
Source: AME Info
FTSE NASDAQ Dubai UAE 20 Index adds value for the fourth consecutive day
November 7, 2012--The FTSE NASDAQ Dubai UAE 20 Index closed up 0.31% at 1815.23 points Wednesday.
The index tracks 20 liquid stocks listed on DFM, the Abu Dhabi Securities Exchange and NASDAQ Dubai.DP World shares rose to a 17-month high at $13 (4% higher).
Source: AME Info
Bahrain gains the fourth day straight
November 7, 2012--The Bahrain All-Share Index added 0.33% Wednesday to finish at a three-week high at 1,066.20 points.
Al Barak Banking Group surged 7.80% to $0.83. Al Salam Bank fell 4.55% to close at BD0.042.
Source: AME Info
Qatar National Bank appoints banks for issuance of dollar bonds
November 7, 2012-The Doha-based Qatar Exchange Index closed unchanged at 8,570.30 points Wednesday.
The country's largest lender by assets Qatar National Bank, known as QNB, closed unchanged at QR133.80. In a statement to the exchange, QNB said it has appointed Deutsche Bank, HSBC, Mitsubishi UFJ Securities International, QNB Capital and Standard Chartered Bank joint lead managers to arrange fixed income investor meetings on behalf of QNB Group. A USD benchmark offering under the bank's Euro Medium Term Note Program may follow subject to market conditions. In November 2011, QNB established a $7.5 billion euro medium term notes programme.
Source: AME Info
Aldar, Sorouh decline in lockstep, release quarterly results
November 7, 2012--The ADX General Index gained 0.06% to hit 2,676.40 points.
Dana Gas, as the most liquid share and gained 2.44% to reach Dhs0.42 after the Sharjah-based energy firm said it reached an in-principle agreement on the restructuring terms of the $1bn sukuk-al-mudarabah due 31 October 2012 with the Ad Hoc Committee of sukuk holders The Ad Hoc Committee holds a majority of the outstanding Islamic bond. Dana said "$80mn of the Sukuk currently held by the firm will be cancelled and that sukuk holders will receive a partial paydown from the company’s balance sheet cash. The remaining sukuk will be reinstated as two pari passu instruments comprising a new ordinary sukuk and a new convertible sukuk which will have revised economic terms." Shares of merger candidates Aldar Properties and Sorouh Real Estate fell both by 2.24% and 2.50%. Aldar reported a 43% year-on-year increase in third quarter profit, amounting to 1 to Dhs205.7m. Sorouh said its Q3 profit rose 55% year-on-year to hit Dhs129.2m.
Source: AME Info
Dubai market drops to one-month low
November 7, 2012--Western market's modest euphoria on U. S. president Barack Obama's re-elaction failed to trigger a rebound at the Dubai bourse, were the benchmark index DFM General Index fell 0.70% to 1,604.73 Wednesday.
Heavyweights like Emaar (off 0.83%), DFM (down 1%) or Arabtec (off 1.60%) ended in the red. NASDAQ Dubai-listed Dubai Ports (DP) World, which are also quoted at the DFM, surged 4% to hit $13.00, representing the highest price level sind June 2011. Trading turnover remained dull as 60.8m shares were traded, valued at Dhs75.6m.
Source: AME Info
SAMA expects inflation pressure to ease in Q4
November 6, 2012--The Saudi Arabian Monetary Agency (Sama) has said inflationary pressures in the biggest Arab economy will continue to fall in the fourth quarter of this year, Reuters has reported.
"The available data indicates...the expectation of a continuing slowdown in inflation levels during the fourth quarter of 2012," Sama said in its report. Annual inflation for September slowed to 3.6% from 3.8% in August. "Local prices for products and services have witnessed a large decline in growth rates for the third quarter. There was also a decline in inflation in the renovation, rents, fuel and water category, and the transport and communications category, which is expected to continue through the fourth quarter of 2012," the report said.
Source: AME Info
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